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[LOGO]
THERMO OPPORTUNITY FUND, INC.
SEMI-ANNUAL REPORT
MAY 31, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
<PAGE>
THE THERMO OPPORTUNITY FUND, INC.
Thermo Opportunity Fund is a non-diversified, closed-end management investment
company that invests primarily in securities issued by subsidiaries of Thermo
Electron Corporation (Thermo Electron or TMO). The Fund's investment objective
is to seek long-term capital appreciation.
Stock
Ticker Symbol TMF
(American Stock Exchange)
Market Price
as of 5/31/98 $10.50
Net Asset Value
as of 5/31/98 $12.85
Shares Outstanding 1,760,417
Portfolio Sectors
Cash 2.8%
Private Placements 9.9%
Common Stocks: Non-TMO Subsidiaries 7.1%
Common Stocks: TMO Subsidiaries 80.2%
----------------------------------------
THERMO OPPORTUNITY FUND
1
<PAGE>
LETTER TO SHAREHOLDERS July 8, 1998
- --------------------------------------------------------------------------------
DEAR FELLOW SHAREHOLDERS:
The stock market's continuing focus on a shrinking number of the largest U.S.
companies has resulted in disappointing performance for the investments in your
Fund. At the same time, in a vicious circle, this lagging performance has caused
some investors to question if there is something wrong with the Thermo Electron
spin-out strategy or with the underlying fundamentals of many of its
subsidiaries. These are both very important and pertinent issues on which we
have been, and remain, closely focused.
THE SPIN-OUT STRATEGY
Regarding the Thermo Electron's spin-out strategy, over the last two years, too
many Thermo Electron subsidiaries have been "spun out" too quickly for the
market to absorb. At the same time, too many of those that are public have
raised additional equity capital too often for the benefits of their strong
underlying fundamentals to accrue to shareholders. We believe this has changed
and, as investors come to appreciate the importance of this change, the shares
of the subsidiaries should begin to perform more in line with their underlying
fundamentals.
Calendar 1997 saw half the number of spin-outs as 1996, and through the middle
of 1998, only one new Thermo company has had an Initial Public Offering (IPO).
Even more importantly, the Thermo companies have recently demonstrated new
flexibility and openness regarding their capital structure, which should result
in fewer dilutive equity offerings and potentially improved valuations in the
marketplace. As examples of this change, Thermo Power will soon become the first
subsidiary to issue non-convertible debt to pay for an acquisition, while
Thermedics has offered to repurchase the outstanding shares of its Thermo Voltek
subsidiary. (Note: Thermo Power and Thermo Voltek were the best performing of
the Thermo Electron subsidiaries in the first half of fiscal 1998.) Finally, we
expect the slower pace of IPOs and secondary offerings to result in improved
promise for the private placements held in your Fund, as they are allowed to
mature and grow prior to potential IPOs.
PORTFOLIO CHARACTERISTICS
At the same time that the environment for the Thermo Electron subsidiaries
should begin to improve, their underlying fundamentals, on balance, remain
excellent and are getting better. In addition, the Thermo Opportunity Fund has
been fortunate so far this year to have only modest exposure to those
subsidiaries where operating results have been disappointing.
Detailed in the following table are the portfolio characteristics of the Thermo
Opportunity Fund (TMF) on a capitalization-weighted basis, showing the growth of
revenues and earnings in 1997, consensus forecasts for growth in 1998, and the
average multiple of earnings compared to both large and small companies. Whether
looking forward or back, the companies that make up your Fund have superior
characteristics while selling at comparable -- or lower -- valuations.
2
<PAGE>
PORTFOLIO CHARACTERISTICS
- --------------------------------------------------------------------------------
S&P S&P
TMF 500 Small Cap.
- --------------------------------------------------------------------------------
Change in Revenues ('97 vs. '96)* 47.0% 14.0% n/a
- --------------------------------------------------------------------------------
Change in Earnings ('97 vs. '96) 21.0% 11.0% 20.0%
- --------------------------------------------------------------------------------
Change in Earnings ('98E vs. '97) 36.0% 5.0% 15.0%
- --------------------------------------------------------------------------------
Price/Earnings Ratio (1998) 22.3X 24.3X 21.1X
- --------------------------------------------------------------------------------
Price/Earnings Ratio Relative to S&P 500 (1998) 0.92X n/a 0.88X
- --------------------------------------------------------------------------------
* Source: Baseline. Historical results not adjusted for pooling of interest
mergers.
- --------------------------------------------------------------------------------
While we cannot predict when the disfavor in which these companies, and small
companies in general, will end, the market is efficient enough that over time
these kinds of anomalies are always corrected. In the meantime, we will continue
to focus on the Thermo Electron subsidiaries and related companies that are
demonstrating success in their businesses and accruing long-term value for their
shareholders.
Sincerely,
/s/ Gregory E. Ratte'
Gregory E. Ratte',
Chairman of the Board
----------------------------------------
THERMO OPPORTUNITY FUND
3
<PAGE>
THERMO OPPORTUNITY FUND INTERIM PERFORMANCE UPDATE
FROM 11/28/97 TO 5/29/98
[GRAPHIC OMITTED]
THERMO OPPORTUNITY FUND INDUSTRY GROUPS
MAY 31, 1998
Private Placements 9.9%
Advanced Technologies 11.1%
Cash 2.8%
Bio-Medical Products 20.0%
Process Equipment 4.5%
Alternative Energy Systems 11.3%
Instruments 40.4%
4
<PAGE>
THE THERMO OPPORTUNITY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1998 (UNAUDITED)
================================================================================
ASSETS
Investment securities:
At amortized cost (Original cost $22,921,882) .............. $ 22,921,882
============
At market value (Note 1) ................................... $ 21,978,172
Investments in repurchase agreements (Note 1) ................. 349,000
Cash .......................................................... 467
Interest receivable ........................................... 150
Receivable for securities sold ................................ 174,494
Organization expenses, net (Note 1) ........................... 116,744
Other assets .................................................. 20,840
------------
TOTAL ASSETS ............................................... 22,639,867
------------
LIABILITIES
Payable to affiliates (Note 3) ................................ 20,986
Other accrued expenses and liabilities ........................ 3,907
------------
TOTAL LIABILITIES .......................................... 24,893
------------
NET ASSETS .................................................... $ 22,614,974
============
Net assets consist of:
Common stock - par value $0.001 per share
Authorized 16,000,000 shares, Outstanding 1,760,417 shares . $ 1,760
Additional paid-in capital .................................... 24,384,927
Net investment loss ........................................... (185,738)
Accumulated net realized losses from security transactions .... (642,265)
Net unrealized depreciation on investments .................... (943,710)
------------
Net assets .................................................... $ 22,614,974
============
Net asset value per share (Note 1)............................. $ 12.85
============
See accompanying notes to financial statements.
----------------------------------------
THERMO OPPORTUNITY FUND
5
<PAGE>
<TABLE>
<CAPTION>
THE THERMO OPPORTUNITY FUND, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1998 (UNAUDITED)
===================================================================================
INVESTMENT INCOME
<S> <C>
Interest ........................................................ $ 8,382
-----------
EXPENSES
Investment advisory fees (Note 3) ............................... 88,740
Administrative services fees (Note 3) ........................... 30,000
Directors' fees and expenses .................................... 19,153
Amortization of organization expenses (Note 1) .................. 18,000
Professional fees ............................................... 12,154
Insurance expense ............................................... 9,318
Reports to shareholders ......................................... 7,688
Transfer agent fees ............................................. 4,621
Exchange listing fees ........................................... 2,917
Custodian fees .................................................. 1,529
-----------
TOTAL EXPENSES ............................................... 194,120
-----------
NET INVESTMENT LOSS ................................................ (185,738)
-----------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions ................... 163,976
Net change in unrealized appreciation/depreciation on investments 1,478,470
-----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ................... 1,642,446
-----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ......................... $ 1,456,708
===========
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
THE THERMO OPPORTUNITY FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS ENDED MAY 31, 1998 AND NOVEMBER 30, 1997
=====================================================================================================
SIX MONTHS YEAR
ENDED ENDED
MAY 31, 1998 NOVEMBER 30,
(UNAUDITED) 1997
- -----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
<S> <C> <C>
Net investment loss ............................................. $ ( 185,738) $ ( 290,787)
Net realized gains (losses) from security transactions .......... 163,976 (798,741)
Net change in unrealized appreciation/depreciation on investments 1,478,470 (1,694,880)
------------ ------------
Net increase (decrease) in net assets from operations .............. 1,456,708 (2,784,408)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ...................................... -- (105,625)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .............................. 1,456,708 (2,890,033)
NET ASSETS:
Beginning of period ............................................. 21,158,266 24,048,299
End of period ................................................... $ 22,614,974 $ 21,158,266
============ ============
UNDISTRIBUTED NET INVESTMENT INCOME ................................ $ (185,738) $ --
============ ============
</TABLE>
See accompanying notes to financial statements.
----------------------------------------
THERMO OPPORTUNITY FUND
7
<PAGE>
<TABLE>
<CAPTION>
THE THERMO OPPORTUNITY FUND, INC.
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
==========================================================================================================
SIX MONTHS YEAR PERIOD
ENDED ENDED ENDED
MAY 31, 1998 NOVEMBER 30, NOVEMBER 30,
(UNAUDITED) 1997 1996(A)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value at beginning of period ..................... $ 12.02 $ 13.66 $ 14.10
--------- --------- ---------
Income from investment operations:
Net investment income (loss) ............................ (0.11) (0.17) 0.07
Net realized and unrealized gains (losses) on investments 0.94 (1.41) (0.42)
--------- --------- ---------
Total from investment operations ........................... 0.83 (1.58) (0.35)
--------- --------- ---------
Less distributions:
Dividends from net investment income .................... -- (0.06) --
--------- --------- ---------
Effect of initial public offering costs .................... -- -- (0.09)
--------- --------- ---------
Net asset value at end of period ........................... $ 12.85 $ 12.02 $ 13.66
========= ========= =========
Market value at end of period .............................. $ 10.50 $ 9.50 $ 13.75
========= ========= =========
Total investment return based on net asset value ........... 13.85%(C) (11.59%) (3.12%)
========= ========= =========
Total investment return based on market value .............. 21.11%(C) (30.56%) (2.48%)
========= ========= =========
Net assets at end of period (000's) ........................ $ 22,615 $ 21,158 $ 24,048
========= ========= =========
Ratio of expenses to average net assets(B) ................. 1.75%(C) 1.66% 1.53%(C)
Ratio of net investment income (loss) to average net assets (1.67%)(C) (1.33%) 1.62%(C)
Portfolio turnover rate .................................... 32%(C) 47% 12%(C)
Average commission rate on investment transactions ......... $ 0.0511 $ 0.0483 $ 0.0509
</TABLE>
(A) Represents the period from the initial public offering of shares (August 6,
1996) through November 30, 1996. No income was earned or expenses incurred
from the commencement of operations through the date of initial public
offering.
(B) Absent fee waivers, the ratio of expenses to average net assets would have
been 1.81% and 1.56%(C) for the periods ended November 30, 1997 and 1996,
respectively.
(C) Annualized.
See accompanying notes to financial statements.
8
<PAGE>
THE THERMO OPPORTUNITY FUND, INC.
PORTFOLIO OF INVESTMENTS
MAY 31, 1998 (UNAUDITED)
================================================================================
MARKET
SHARES INVESTMENT SECURITIES -- 97.2% VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS -- 95.9%
INSTRUMENTS -- 40.4%
123,066 Metrika Systems Corp.* ....................... $ 2,138,272
33,333 ONIX Systems, Inc.* .......................... 454,162
201,600 Thermo Optek Corp.* .......................... 3,175,200
98,050 Thermo Voltek Corp.* ......................... 686,350
54,500 ThermoQuest Corp.* ........................... 817,500
89,900 ThermoSpectra Corp.* ......................... 994,519
125,694 Thermo Vision Corp.* ......................... 879,858
------------
$ 9,145,861
------------
BIO-MEDICAL PRODUCTS-- 20.0%
9,000 Photoelectron Corp.* ......................... $ 67,500
34,600 Thermedics, Inc.* ............................ 493,050
110,400 Thermo Cardiosystems, Inc.* .................. 2,484,000
86,900 Trex Medical Corp.* .......................... 1,466,438
------------
$ 4,510,988
------------
ALTERNATIVE ENERGY SYSTEMS -- 11.3%
345,100 KFX, Inc.* ................................... $ 1,078,437
48,250 Thermo Ecotek Corp.* ......................... 765,969
61,700 Thermo Power Corp.* .......................... 701,837
------------
$ 2,546,243
------------
ADVANCED TECHNOLOGIES -- 11.1%
2,000 DocuCorp International, Inc.* ................ $ 15,250
3,000 OAO Technology Solutions, Inc.* .............. 15,750
10,000 Safeguard Scientifics, Inc.* ................. 430,625
44,400 Thermedics Detection, Inc.* .................. 427,350
26,015 ThermoLase Corp.* ............................ 160,968
73,900 ThermoTrex Corp.* ............................ 1,468,762
------------
$ 2,518,705
------------
PRIVATE PLACEMENTS -- 8.6%
100,000 Thermo Eurotech N.V.* (Environmental Services) $ 425,000
50,000 Thermo Information Solutions*
(Advanced Technologies) ...................... 500,000
50,000 Thermo Trilogy Corp.* (Environmental Services) 412,500
150,000 Trex Communications, Inc.* (Advanced Technologies) 600,000
------------
$ 1,937,500
------------
PROCESS EQUIPMENT -- 4.5%
104,500 Thermo Fibergen, Inc.* ....................... $ 1,018,875
------------
TOTAL COMMON STOCKS (Cost $22,621,882)........ $ 21,678,172
------------
----------------------------------------
THERMO OPPORTUNITY FUND
9
<PAGE>
THE THERMO OPPORTUNITY FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
================================================================================
MARKET
SHARES LIMITED LIABILITY COMPANIES -- 1.3% VALUE
- --------------------------------------------------------------------------------
100,000 Cosmetic Laser Services L.L.C.* .............. $ 100,000
200,000 Cosmetic Laser Services II L.L.C.* ........... 200,000
------------
TOTAL LIMITED LIABILITY COMPANIES (Cost $300,000) $ 300,000
------------
TOTAL INVESTMENT SECURITIES (Cost $22,921,882) $ 21,978,172
------------
================================================================================
FACE MARKET
AMOUNT REPURCHASE AGREEMENTS(1) -- 1.5% VALUE
- --------------------------------------------------------------------------------
$ 349,000 Fifth Third Bank, 5.15%, dated 5/29/98,
- ------------ due 6/01/98, repurchase proceeds $349,150 $ 349,000
------------
$ 349,000 TOTAL REPURCHASE AGREEMENTS (Cost $349,000) $ 349,000
============ ------------
TOTAL INVESTMENT SECURITIES AND
REPURCHASE AGREEMENTS -- 98.7% $ 22,327,172
OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.3% 287,802
------------
NET ASSETS -- 100.0% $ 22,614,974
============
* Non-income producing security.
(1) Repurchase agreements are fully collateralized by U.S. Government
obligations.
See accompanying notes to financial statements.
10
<PAGE>
THE THERMO OPPORTUNITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1998 (UNAUDITED)
================================================================================
1. SIGNIFICANT ACCOUNTING POLICIES
The Thermo Opportunity Fund, Inc. (the Fund) was organized under Maryland law on
May 16, 1996 as a non-diversified, closed-end investment company. The Fund
commenced operations on June 19, 1996, when Brundage, Story and Rose, llc (the
Adviser), purchased 6,667 shares at $15.00 per share to provide the Fund with
its initial $100,000 of capital. The Fund commenced the public offering of
shares on August 6, 1996. The Fund is listed on the American Stock Exchange with
a symbol of "TMF."
The Fund's investment objective is to seek long-term capital appreciation. The
Fund seeks to achieve its investment objective by investing primarily in
securities issued by direct and indirect subsidiaries of Thermo Electron
Corporation (Thermo Electron). The Fund may also invest in securities issued by
companies not affiliated with Thermo Electron which either (i) engage in the
same or related industries as Thermo Electron or one or more of its subsidiaries
or (ii) practice a spin-out strategy similar to that practiced by Thermo
Electron.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued weekly (each
Friday) and on the last business day of each month as of the close of the
regular session of trading on the New York Stock Exchange (currently 4:00 p.m.,
Eastern time). Portfolio securities listed on stock exchanges and securities
traded in the over-the-counter market are valued at the last sale price as of
the close of business on the day the securities are being valued. Securities not
traded on a particular day, or for which the last sale price is not readily
available, are valued at the closing bid price quoted by brokers that make
markets in the securities. Corporate bonds are valued at their most recent bid
price as obtained from one or more of the major market makers for such
securities or are valued at an estimated fair value obtained from an independent
pricing service based upon such factors as maturity, coupon, issuer and type of
security. If market quotations are not readily available, securities will be
valued at fair value as determined in good faith by the Adviser consistent with
procedures approved by the Board of Directors.
Repurchase agreements -- Repurchase agreements, which are collateralized by U.S.
Government obligations, are valued at cost which, together with accrued
interest, approximates market. Collateral for repurchase agreements is held in
safekeeping in the customer-only account of the Fund's custodian at the Federal
Reserve Bank. At the time the Fund enters into a repurchase agreement, the
seller agrees that the value of the underlying securities, including accrued
interest, will be equal to or exceed the face amount of the repurchase
agreement. The Fund enters into repurchase agreements only with institutions
deemed to be creditworthy by the Adviser, including the Fund's custodian, banks
having assets in excess of $10 billion and primary U.S. Government securities
dealers.
Share valuation -- The net asset value of the Fund is calculated weekly (each
Friday) and on the last business day of each month by dividing the total value
of the Fund's assets, less liabilities, by the number of shares outstanding.
Investment income-- Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Discounts and premiums on securities purchased
are accreted/amortized in accordance with income tax regulations which
approximate generally accepted accounting principles.
----------------------------------------
THERMO OPPORTUNITY FUND
11
<PAGE>
================================================================================
Distributions to shareholders -- Dividends arising from net investment income,
if any, are declared and paid annually. Net realized short-term capital gains,
if any, may be distributed throughout the year and net realized long-term
capital gains, if any, are distributed at least once each year. Income
distributions and capital gain distributions are determined in accordance with
income tax regulations.
Security transactions -- Security transactions are accounted for on the trade
date. Securities sold are valued on a specific identification basis.
Organization expenses and offering costs -- Expenses of organization, net of
certain expenses paid by the Adviser, have been capitalized and are being
amortized on a straight-line basis over five years. Expenses related to the
offering of shares have been charged against capital.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code available to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also the Fund's intention to declare as dividends in
each calendar year at least 98% of its net investment income (earned during the
calendar year) and 98% of its net realized capital gains (earned during the
fiscal year ended November 30) plus undistributed amounts from prior years.
The following information is based upon federal income tax cost of portfolio
investments (excluding repurchase agreements) as of May 31, 1998:
- --------------------------------------------------------------------------------
Gross unrealized appreciation ......................... $ 2,129,693
Gross unrealized depreciation ......................... (3,138,252)
------------
Net unrealized depreciation ........................... $ (1,008,559)
============
Federal income tax cost ............................... $ 22,986,731
============
- --------------------------------------------------------------------------------
The difference between the federal income tax cost of portfolio investments and
the financial statement cost is due to certain timing differences in the
recognition of capital losses under generally accepted accounting principles and
income tax regulations.
As of November 30, 1997, the Fund had capital loss carryforwards for federal
income tax purposes of $741,392, none of which expire prior to November 30,
2004. These capital loss carryforwards may be utilized in the current and future
years to offset net realized capital gains prior to distributing such gains to
shareholders.
12
<PAGE>
================================================================================
2. INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities of investment securities, other
than short-term investments, amounted to $3,522,679 and $4,058,768,
respectively, during the six months ended May 31, 1998.
3. TRANSACTIONS WITH AFFILIATES
Certain Directors and officers of the Fund are principals at Brundage, Story and
Rose, llc (the Adviser). Certain officers of the Fund are officers of
Countrywide Fund Services, Inc. (CFS), the administrative services agent for the
Fund.
ADVISORY AGREEMENT
The Fund's investments are managed by the Adviser pursuant to the terms of an
Advisory Agreement. Under the Advisory Agreement, the Fund pays the Adviser a
fee, computed and accrued daily and paid monthly, at an annual rate of 0.80% of
its average daily net assets.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of the Administrative Services Agreement between the Fund and
CFS, CFS supplies non-investment related statistical and research data, internal
regulatory compliance services and executive and administrative services for the
Fund. CFS calculates the weekly and month end net asset value per share and
maintains the financial books and records of the Fund, supervises the
preparation of tax returns, reports to shareholders of the Fund, reports to and
filings with the Securities and Exchange Commission, and materials for meetings
of the Board of Directors. For the performance of these administrative services,
CFS receives a monthly fee based on the Fund's average daily net assets, subject
to a monthly minimum.
4. RESULTS OF ANNUAL MEETING OF STOCKHOLDERS
On April 28, 1998, the Annual Meeting of Stockholders of the Fund was held to
elect two Directors and to ratify or reject the selection of Arthur Andersen LLP
as independent auditors for the Fund's current fiscal year. The total number of
shares of the Fund present by proxy represented 86.4% of the shares entitled to
vote at the meeting. Each of the matters submitted to stockholders was approved.
The results of the voting for the election of two Directors was as follows: (1)
incumbent nominee Henson L. Jones, Jr. -- 1,470,543 shares for election and
49,879 shares withholding authority and (2) incumbent nominee Hollis S.
McLoughlin -- 1,468,042 shares for election and 52,380 shares withholding
authority. The results of the voting for or against the ratification of Arthur
Andersen LLP as independent auditors was as follows: 1,490,404 shares for
ratification, 22,993 shares against ratification and 7,025 shares abstained.
----------------------------------------
THERMO OPPORTUNITY FUND
13
<PAGE>
================================================================================
THERMO OPPORTUNITY FUND, INC.
312 Walnut Street, 21st Floor
Cincinnati, Ohio 45202
BOARD OF DIRECTORS
Francis S. Branin, Jr.
Blair M. Brewster
Henson L. Jones, Jr.
Hollis S. McLoughlin
Gregory E. Ratte'
INVESTMENT ADVISER
Brundage, Story and Rose, llc
One Broadway
New York, New York 10004
TRANSFER AGENT
Fifth Third Bank
38 Fountain Square Plaza
Cincinnati, Ohio 45263
SHAREHOLDER SERVICES
Nationwide: (Toll Free) 888-254-6872
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001014743
<NAME> THE THERMO OPPORTUNITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 23,270,882
<INVESTMENTS-AT-VALUE> 22,327,172
<RECEIVABLES> 174,644
<ASSETS-OTHER> 467
<OTHER-ITEMS-ASSETS> 137,584
<TOTAL-ASSETS> 22,639,867
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,893
<TOTAL-LIABILITIES> 24,893
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,386,687
<SHARES-COMMON-STOCK> 1,760,417
<SHARES-COMMON-PRIOR> 1,760,417
<ACCUMULATED-NII-CURRENT> (185,738)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (642,265)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (943,710)
<NET-ASSETS> 22,614,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,382
<OTHER-INCOME> 0
<EXPENSES-NET> 194,120
<NET-INVESTMENT-INCOME> (185,738)
<REALIZED-GAINS-CURRENT> 163,976
<APPREC-INCREASE-CURRENT> 1,478,470
<NET-CHANGE-FROM-OPS> 1,456,708
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,456,708
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (806,241)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 194,120
<AVERAGE-NET-ASSETS> 22,254,040
<PER-SHARE-NAV-BEGIN> 12.02
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
